Interim Budget 2019: The Highlights

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Interim Budget 2019

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On 1st Feb 2019, Finance Minister Piyush Goyal introduced the budget.  There are major announcement in all the departments of the economy.

  • Under the digital India campaign he announced that within 2 years tax assessment will be done electronically. All the IT returns processing will take place within 24 hours.
  • While addressing the state of economy; he stated that “The country  witnessed its best phase of macroeconomic stability in this period.” He assured the continuous growth in the economy and the GDP in the preceding financial years. There are 36 capital goods from which custom duties have been exempted.
  • He introduced  a new tax slab for this financial year in which annual income of 5 lakh is exempt from paying tax, after making  all the deductions. The standard deduction has increased from 40000 to 50000.  As a result person with 6.50 lakh annual income can also be exempted from tax with they make any investments in provident fund, specified savings or insurance etc. There is also an exempt on tax on 2nd self occupied house.
  • Under Pradhan Mantri Gram Sadak Yojana, construction of rural roads has been tripled & 190 bn rupees will be given on rural road plans in the F.Y. 19-20.
  • For economically poor person there is a 10% reservation on educational institute and government services. 2 lakh seats will be increased for the same.
  • Under MGNREGA, 60000 crore rupees are allotted and additional amount will be given if required.
  • Approval is given to PM Kisaan Yojana .
  • Rs 6000 per annum is to be given to every farmers those who have a land up to 2 hectares. The amount will be transferred in their registered bank account in 3 installments.
  • In F.Y. 19-20 there will be a set up for “ Rashtriya Gokul Mission”. It is designed to upscale sustainable genetics and up gradation of cow. resources and to enhance production and productivity.  750 crore rupees are allotted for Rashtriya Gokul Mission.
  • The benefit of 2% inetrest are given in form of subvention to farmers who are pursuing the activities of animal husbandry and fishery.
  • There will be a separate department for fishery.    
  • The defence budget will be 3 lakh crore rupee for the national security hence  additional funds are also given if required.
  • The railways are supported by 64587 crore rupees .
  • AIIMS will open in Haryana.
  • There will be a single window clearance for the ease of film shooting .
  • Various provisions are also introduced to control the risk of piracy.
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